Floatic Closes Its Pre-Series A Bridge Round, With Additional Investment from Hyundai Motor Group's Startup Investor
Friday, July 19, 2024
SEOUL, South Korea, July 11, 2024 /PRNewswire/ -- Floatic, a South Korean warehouse robotic solutions provider, today announced the successful closure of its pre-Series A bridge round, securing an undisclosed amount of additional investment from ZERO1NE, Hyundai Motor Group's open innovation platform for startups.
Floatic raised $3.8 million in the same fundraising round led by Capstone Partners last month. With additional investment from the leading automotive group's startup investor, the company concludes this pre-Series A bridge round, bringing its total raise to over $8 million.
ZERO1NE was one of the major investors in Floatic's pre-Series A round in 2022. This subsequent investment goes beyond mere funding and represents a strategic move, with both companies exploring various ways to generate long-term synergy.
"With this follow-up investment, we aim to continuously support Floatic as a core portfolio company of ours," said the representative from Hyundai Motor Group's ZERO1NE. "We plan to help Floatic build strong connections with the group affiliates and partners, and work together as future robotics business partners of Hyundai Motor Group."
"ZERO1NE has been a steadfast supporter of our company since the early days," said Chan Lee, CEO of Floatic. "We believe their empathy with our vision to solve problems focused on warehouse robotics rather than generic robots has been crucial."
Founded in 2021, Floatic develops and provides 'Floware,' an autonomous mobile robot(AMR) solution for efficient e-commerce warehouse picking. Floware can integrate with center systems and be operational within less than six weeks with minimal facilities and investment costs. It also offers up to a 3.5x productivity increase compared to manual operations.
Floware is designed and built in-house, encompassing robot hardware and software and a platform that controls and optimizes tasks. This allows it to respond quickly and flexibly to various warehouse center requirements.
The solution includes comprehensive services, such as pre-implementation analysis and consulting, as well as post-implementation stabilization and maintenance to ensure clients can quickly adopt and utilize the robots.
Floatic has been conducting on-site field tests with 3PL companies and local warehouses, and collaborating with leading logistics partners in Korea such as POSCO DX and LogisALL. It intends to fully commercialize its solution Floware in the second half of this year.
"We will continue to strive to present fundamental solutions for the challenges warehouses face, using the most feasible robotic solutions," Lee added. "We are thrilled to share the successful closing of this round, as it will be a significant engine for upcoming commercialization and solution advancement."
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SOURCE Floatic
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